{"id":2672,"date":"2021-09-06T09:43:10","date_gmt":"2021-09-06T09:43:10","guid":{"rendered":"https:\/\/michaelleander.me\/?p=2672"},"modified":"2021-09-07T09:06:07","modified_gmt":"2021-09-07T09:06:07","slug":"why-are-business-intelligence-tools-so-important-for-small-businesses","status":"publish","type":"post","link":"https:\/\/michaelleander.me\/why-are-business-intelligence-tools-so-important-for-small-businesses\/","title":{"rendered":"Why Are Business Intelligence Tools So Important For Small Businesses?"},"content":{"rendered":"\n<p>Business intelligence (BI) is a set of technologies, tools, and operations that work together to draw out vital data about a company. <\/p>\n\n\n\n<p>BI also processes the data collected to create valuable insights and present them in an easily digestible, graphical form. <\/p>\n\n\n\n<p>Business intelligence is crucial in today&#8217;s data-driven world, where 90% of the data online has been created only in the past couple of years.\u00a0\u00a0<\/p>\n\n\n\n<p>Insights from business intelligence can be used to measure staff performance and see how well sales in a company are going. <\/p>\n\n\n\n<p>Some tools like <a href=\"https:\/\/getjobber.com\/industries\/lawn-care\/\">Jobber<\/a> allow service-based businesses, including lawn care and plumbing providers, to run their business from the field through field service reporting.&nbsp;<\/p>\n\n\n\n<p>It&#8217;s no wonder why an increasing number of industries are already using BI software. <\/p>\n\n\n\n<p>After all, knowledge is power, and business intelligence apps can help companies gain the most crucial data required to perform the advanced analysis necessary for optimizing business strategy.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The problem is that many small businesses still sort through data manually using spreadsheets. <\/p>\n\n\n\n<p>They can&#8217;t drill down and manipulate data, unlike more established companies with BI tools. <\/p>\n\n\n\n<p>This article will show why all small businesses should also start using BI software solutions. Read on to learn more.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>BI Tools Allow Small Businesses to Decide Based on Facts<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Deciding based on what you think will happen rather than considering trends and facts is one of the biggest mistakes you can make as a business owner or manager. <\/p>\n\n\n\n<p>Unfortunately, it&#8217;s the case for many small businesses, especially startups.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Rather than going with your gut feeling or assuming, business intelligence tools can help business owners and managers make data-driven decisions.&nbsp;<\/p>\n\n\n\n<p>Benefits of more informed business decisions include:&nbsp;<\/p>\n\n\n\n<ul><li><strong>Reduced risk<\/strong>: The use of BI solutions means that you can make decisions that reduce the level of risk. It&#8217;s especially true when deciding which products or services to market more to your audience and which to discontinue.&nbsp;<\/li><li><strong>Competitive edge<\/strong>: Another benefit that data-driven decisions bring is a competitive edge. It makes sense because business owners and managers build out a strategy and identify new opportunities with supportive data. It basically means that companies have a full scope of what&#8217;s happening in their operations, allowing them to optimize their campaigns.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>BI Tools Help Small Businesses Save Time When Making Decisions<\/strong>&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Besides helping small businesses make more informed decisions, BI tools also help them make decisions quicker, saving them valuable time.&nbsp;<\/p>\n\n\n\n<p>It&#8217;s estimated that startup companies worldwide spend 146 days on admin tasks each year. That&#8217;s a sheer amount of work that&#8217;s eating a significant amount of time.<\/p>\n\n\n\n<p>That&#8217;s why for modern businesses, the ability to access up-to-date data quickly is crucial. <\/p>\n\n\n\n<p>The good news is that business intelligence software allows organizations to access accurate information anytime. <\/p>\n\n\n\n<p>All they need to do is to touch a button on their computers or mobile devices.&nbsp;&nbsp;<\/p>\n\n\n\n<p>With a BI app, business owners, managers, and workers can also use customized reports or templates to monitor key performance indicators (KPIs) through various data sources, including operations, sales, and financial data. <\/p>\n\n\n\n<p>BI solutions generate reports in real-time, which is beneficial if the company has to make an important decision right away. <\/p>\n\n\n\n<p>It also helps that information is presented using easy-to-read and understandable visualizations, such as tables, graphs, and charts.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Over time, the ability to access data faster can impact other areas, such as a sales team&#8217;s productivity.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>BI Tools Enable Small Businesses to Understand Customers Better<\/strong>&nbsp;<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-1024x683.jpeg\" alt=\"BI Tools Enable Small Businesses to Understand Customers Better\u00a0\" class=\"wp-image-2674\" srcset=\"https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-1024x683.jpeg 1024w, https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-300x200.jpeg 300w, https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-1536x1024.jpeg 1536w, https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-2048x1365.jpeg 2048w, https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-450x300.jpeg 450w, https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-780x520.jpeg 780w, https:\/\/michaelleander.me\/wp-content\/uploads\/2021\/09\/AdobeStock_181885371-1600x1067.jpeg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>It&#8217;s not always easy to understand what customers are looking for exactly when you don&#8217;t have the right tools. <\/p>\n\n\n\n<p>With business intelligence software, companies can collect <a href=\"https:\/\/michaelleander.me\/the-best-rfp-template-for-choosing-the-right-customer-data-platform\/\">customer data<\/a>, such as demographics, likes, and dislikes, and factors influencing customer purchasing decisions.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Using the data that BI solutions provide, businesses can understand their target market&#8217;s needs more. <\/p>\n\n\n\n<p>As a result, companies can develop or offer products and services that precisely meet customer needs. <\/p>\n\n\n\n<p>By providing the correct service or product to the right individuals at the right time, businesses can enjoy greater brand recognition and loyalty. They can also increase customer satisfaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>BI Tools Increase the Revenue of Small Businesses&nbsp;<\/strong><\/h2>\n\n\n\n<p>For businesses, regardless of size, increasing revenue is a vital goal. That&#8217;s why the sales team is one of a company&#8217;s most valuable assets. <\/p>\n\n\n\n<p>However, without the right resources, even the best salespeople can have trouble performing.&nbsp;&nbsp;<\/p>\n\n\n\n<p>BI apps can be an invaluable tool for the salespeople of any company. <\/p>\n\n\n\n<p>They can provide up-to-the-minute information that could make or break a sale, such as product improvements, customer preferences, current sales trends, and even competitor campaigns. <\/p>\n\n\n\n<p>When organizations are <a href=\"https:\/\/www.thebalancesmb.com\/what-s-your-competitive-edge-2890082\">watching their competitors<\/a>, listening to their customers&#8217; pain points, and improving their operations to address current issues, revenue is likely to increase.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>BI Tools Help Small Businesses Measure Marketing Campaign Effectiveness<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Companies put significant money and time into creating and implementing marketing campaigns. <\/p>\n\n\n\n<p>Of course, they want their efforts to pay off. It&#8217;s especially true for small businesses with a limited budget. <\/p>\n\n\n\n<p>However, it&#8217;s not always clear if a specific campaign is actually living up to expectations.&nbsp;<\/p>\n\n\n\n<p>Business intelligence systems will help businesses see meaningful data on campaign performance. <\/p>\n\n\n\n<p>It&#8217;s probably the most important reason for small businesses to start using BI software.&nbsp;<\/p>\n\n\n\n<p>The use of business intelligence is an excellent opportunity to spot areas where things aren&#8217;t performing as well as hoped. <\/p>\n\n\n\n<p>Companies can use these insights to make the necessary changes and improve marketing strategies for the better. <\/p>\n\n\n\n<p>With BI solutions, you can focus on campaigns that deliver return on investment (ROI) and quickly cease those that don&#8217;t show positive results.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Final Thoughts<\/strong>&nbsp;<\/h4>\n\n\n\n<p>Many companies strive to gain greater and better control over the significant amount of information available to them. <\/p>\n\n\n\n<p>It makes sense because leveraging data allows any company to optimize overall performance and get ahead of competitors.&nbsp;<\/p>\n\n\n\n<p>The size of your business, no matter how small it is, shouldn&#8217;t stop you from aiming to achieve the same level of success. <\/p>\n\n\n\n<p>It&#8217;s time to start learning how to improve your organization&#8217;s performance and decision-making abilities using business intelligence tools.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business intelligence (BI) is a set of technologies, tools, and operations that work together to draw out vital data about a company. BI also processes the data collected to create valuable insights and present them in an easily digestible, graphical form. Business intelligence is crucial in today&#8217;s data-driven world, where 90% of the data online [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[317],"tags":[],"yst_prominent_words":[52,776,173,481],"_links":{"self":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/2672"}],"collection":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/comments?post=2672"}],"version-history":[{"count":0,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/2672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media\/2673"}],"wp:attachment":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media?parent=2672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/categories?post=2672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/tags?post=2672"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/yst_prominent_words?post=2672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}